# In the matter of Bank of Baroda vs. Sameer Somani

> NCLT judgment dated 2024-05-22. Citation: TCN-2024-NCLT-01286. The case involves an application filed by the Resolution Professional under Section 99(1) read…

- **Court:** NCLT
- **Order date:** 22 May 2024
- **Citation:** TCN-2024-NCLT-01286
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-sameer-somani-c1c783be

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 99(1) read with Section 99(7) of the Insolvency and Bankruptcy Code, 2016, recommending the admission of an application filed by Bank of Baroda under Section 95 of the Code. The bank sought the commencement of the Insolvency Resolution Process (IRP) against the Personal Guarantor, Mr. Sameer Somani, of the Corporate Debtor, M/s Aditya Telelink Limited. The creditor had also filed a main application under Section 95 of the Code read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of IRP against the Personal Guarantor for an amount of Rs.

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## Facts

Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) seeking the commencement of the Insolvency Resolution Process (IRP) against Mr. Sameer Somani, the Personal Guarantor of the Corporate Debtor, M/s Aditya Telelink Limited, for an amount of Rs. 10,73,87,620.38. The creditor's application was based on the personal guarantee provided by Mr. Somani for the credit facilities extended to the Corporate Debtor. Ms. Pratibha Khandelwal was appointed as the Resolution Professional (RP) and directed to file a report under Section 99 of the IBC. The RP filed an application under Section 99(1) read with Section 99(7) of the IBC, recommending the admission of the creditor's application. The RP's report confirmed that the application

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor in the matter of Personal Guarantor Mr. …

**Ratio:** Section 95(1) of the IBC allows a creditor to initiate insolvency resolution process

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**Reasoning:** The Adjudicating Authority considered the application filed by the Financial Creditor and

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**Interpretation:** Section 95(1) provides the legal basis for initiating insolvency proceedings

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**Application:** The Adjudicating Authority found that the application filed by the Financial

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Bank of B…
- **Respondents:** M/s Aditya…; SAMEER S…

## Timeline

- **2023-12-19 — Order Da…**: Authority vide Order dated 19.12.2023 appointed Ms. Pratibha Khandelwal as the Resolution…
- **2024-05-22 — Order Pron…**: Order Pronounced on:…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 99(1) — Submission of report by resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-99)

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